Proterra supports plant-based egg start-up's Asia rollout

Eat Just Asia will use the capital to build a factory in Singapore with a view to expanding Just Egg’s existing penetration in the region. This will be supported by partnerships with the Singapore government, Korean agricultural industry supplier SPC Samlip, Thai food technology provider Betagro, and an unnamed counterparty in China, where Just Egg is already marketed by JD.com and Alibaba Group’s Tmall platform.

“This partnership will further accelerate our path to become one of the world's largest producers of eggs in the next decade,” Josh Tetrick, co-founder and CEO of Eat Just, said in a statement. “Proterra’s experience across sourcing and manufacturing will be invaluable. Consumer demand, driven by health, food security and food safety, is creating an environment of extraordinary opportunity for this unique partnership.”

Eat Just has sold the plant-based equivalent of more than 60 million eggs since inception as Hampton Creek Foods in 2011, with products sold in both liquid form by the carton and as slices that can be heated using a toaster or skillet. The company also markets a range of vegan mayonnaises and is experimenting in sustainable meat. Proterra, a food-focused GP that spun out of agribusiness giant Cargill in 2015, has indicated it will support an expansion into cell-cultured meat.

Eat Just has raised about $300 million and is said to be worth $1.2 billion. Previous investors include Hong Kong-based Horizons Ventures and BlackPine Private Equity. Most early backers are US-based, including Tao Capital Partners, Far East Ventures, WP Global Partners, Radicle Impact, PowerPlant Ventures, VGC Partners, Five Seasons Ventures, OS Fund, Khosla Ventures, AME Cloud Ventures, New Ground Ventures, Collaborative Fund, and Founders Fund.

While the alternative protein sector has been dominated by meat substitutes, a number of Western egg and dairy companies have seen significant traction globally. Company development in these areas has been relatively modest in Asia, however, with recent activity including Indian plant-based egg maker Evo Foods receiving seed funding from Veginvest and Big Idea Ventures. Meanwhile, Singapore’s TurtleTree Labs, a cell-based milk company, has received investment from Lever VC, KBW Ventures, and K2 Global. 

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• Topics
• Southeast Asia
• Consumer
• Cleantech
• Expansion
• Singapore
• USA
• Asia
• Proterra Investment Partners
• Food
• manufacturing